Calgary-based Enbridge on Friday reported better-than-expected fourth-quarter earnings, driven by strong demand for natural gas and higher volumes moving through its vast North American pipeline network.
The Canadian pipeline operator said rising power consumption — fueled by artificial intelligence, cryptocurrency mining and the rapid expansion of data centers — alongside growing liquefied natural gas exports, significantly boosted gas and liquids transported through its systems.
Enbridge operates the Mainline system, which carries nearly half of the crude oil consumed in the United States from Alberta into markets across Canada and the U.S. Midwest, making it one of the most strategically important energy corridors in North America.
Adjusted profit for the three months ended December 31 came in at 88 Canadian cents per share, beating the 77 cents expected by analysts, according to data from LSEG, prompting U.S.-listed Enbridge shares to rise nearly 1% before the opening bell.
Chief executive Greg Ebel said the company is advancing more than 50 data-center-related projects across North America, which together could require up to 10 billion cubic feet per day of new natural gas takeaway capacity in the coming years.
Enbridge also said it expects to approve additional pipeline and infrastructure projects in 2026 and beyond to support the surging electricity and digital-infrastructure sectors.
The company reported a project backlog of about C$39 billion, with roughly C$8 billion worth of assets scheduled to come into service this year, underscoring its aggressive expansion plans.
Growth in Enbridge’s gas distribution business was further supported by last year’s acquisition of three utilities from Dominion Energy, which helped lift adjusted core profit in that segment by 12.2% to C$1.14 billion.
Meanwhile, profit from Enbridge’s liquids pipeline unit, which includes the Mainline system, rose 2% to C$2.45 billion during the quarter, reflecting steady oil and liquids flows.
The strong results echoed similar earnings beats by rivals such as TC Energy, highlighting how North America’s growing appetite for natural gas and power is reshaping the outlook for pipeline operators